Can Bitcoin Beat Banks?

[Palmaper]

In fact, the transition to a more decentralized society in all fields is already happening, despite the interests of those affected by this gradual process, who have no choice but to try to join this movement before disappearing completely, that is why I see the banks very interested in adhering to the issues related to the blockchain, giving greater facilities and freedoms to their users, so it is likely that the current banking system will stay with us a few more years before becoming obsolete and end up disappearing.

[bhabygrim]

I hear it all the time. Bitcoin/crypto is alternative to fiat. And almost every token philosophy is based on this premise.

The question: can cryptocurrency beat legacy financial institutions to the point of replacing them?

... Thought as much... The much lauded JPMCoin was all noise and no substance. But can an accident happen to make legacy institutions catch up to the decentralized world?

Do you think that the government would just let it happen?
Would they agree or accept crypto as a main currency even if they couldn't control it?
The answer is too obvious even if we want it so much it is really impossible to happen.
Crypto and Fiat would always exist .

[conected]

I hear it all the time. Bitcoin/crypto is alternative to fiat. And almost every token philosophy is based on this premise.

The question: can cryptocurrency beat legacy financial institutions to the point of replacing them?

... Thought as much... The much lauded JPMCoin was all noise and no substance. But can an accident happen to make legacy institutions catch up to the decentralized world?

Do you think that the government would just let it happen?
Would they agree or accept crypto as a main currency even if they couldn't control it?
The answer is too obvious even if we want it so much it is really impossible to happen.
Crypto and Fiat would always exist .

- Indeed, fiat and the bank, all products from the government, the government provides this product to everyone with the aim of controlling and managing all activities in society easily, and society is working very well with these products, but if crypto and bitcoin appear and replace the role of fiat and the bank, everything will be very out of control, the government will not be able to manage, people will have the underground activities and evade the rules of the law. Therefore, the government will not allow the story as bitcoin to defeat banks or fiat, if bitcoin still tries to get into the real world, the government will take measures to eliminate it immediately.

[bitgolden]

banks are related to fiat currencies, while bitcoin without a bank, can still run. but the government will not be able to delete banks for now, it is precisely bitcoin that must be able to take the heart of the government

So what do you intend spending in cryptocurrency then if you feel cryptocurrency can still run without bank, let us logically think of this, starting from your first point, How do you get Bitcoin? You get bitcoin converting your Fiat currency to BTC, how do you then get Fiat, through bank. So, if there are no banks, how will you get the FIAT you want to use to purchase Bitcoin ?

Bitcoin will only displace Banks in some areas like anonymity, fast transaction and co and not completely displace the banking system entirely, we can only hope that bank will adopt the crypto system so they don’t get limited to just providing fiat alone.

[xabre]

Bitcoin never could beat and destroy bank system, many investor always use bank for deposit and withdrawal their money in bitcoin, keep hold and save your bitcoin and always connected bank and bitcoin account.

[Malsetid]

I hear it all the time. Bitcoin/crypto is alternative to fiat. And almost every token philosophy is based on this premise.

The question: can cryptocurrency beat legacy financial institutions to the point of replacing them?

... Thought as much... The much lauded JPMCoin was all noise and no substance. But can an accident happen to make legacy institutions catch up to the decentralized world?

Do you think that the government would just let it happen?
Would they agree or accept crypto as a main currency even if they couldn't control it?
The answer is too obvious even if we want it so much it is really impossible to happen.
Crypto and Fiat would always exist .

- Indeed, fiat and the bank, all products from the government, the government provides this product to everyone with the aim of controlling and managing all activities in society easily, and society is working very well with these products, but if crypto and bitcoin appear and replace the role of fiat and the bank, everything will be very out of control, the government will not be able to manage, people will have the underground activities and evade the rules of the law. Therefore, the government will not allow the story as bitcoin to defeat banks or fiat, if bitcoin still tries to get into the real world, the government will take measures to eliminate it immediately.

Good valid point bro. Not all people earn bitcoin and even those that do earn btcs don't earn enough to keep the circulation flowing. Too farfetched to even consider it for now though there may one day be some innovation to bridge this deficit for btc. You don't expect everyone to convert their cash and fiat to crypto right? 😁 that's the only way banks can be beaten for now.

[Kakmakr]

Large and small amounts of bitcoins <money> can be sent at a fraction of the fees, than what is possible with Banks, so it is even cheaper to use Bitcoin transfers.  

In terms of cross border payments that may be true, but locally I can send and receive money instantly at no cost with a service people from different banks can transact with each other.

It started out as a tipping service, but after the max amounts have been lifted significantly people can now send and receive thousands per transaction. It's centralized but incredibly convenient, which is something that crypto doesn't offer.

The best part is that it works every single day, so you're not tied to business days anymore. Banks are catching up fast, people shouldn't underestimate them or think that Bitcoin will wipe them out.

Sure, but you mentioned something very important there, which is centralization. The Banks and some of these services are very centralized, so it is prone to centralization flaws like "abuse of power" and/or "exploitation of power" .... So, they might start this service with zero or low fees to hook people and then suddenly start to charge higher fees, once they hooked these new customers or even not allowing people to send money to specific countries. 

Bitcoin has no such problems, because the basic protocol has not changed, since it was released in 2009.    We are still moving millions of dollars and even a few dollars at a fraction of a cent, to anyone in the world.  

[nur rochid]

Bitcoin never could beat and destroy bank system, many investor always use bank for deposit and withdrawal their money in bitcoin, keep hold and save your bitcoin and always connected bank and bitcoin account.

right, moreover the government's role in banks is very large, of course the government will prefer currency that can be controlled, on the grounds that a country's economic stability can be maintained

[Deylandra]

Running a bank is very expensive. You must have a big fancy building with nice furniture, you must pay employees lots of money to wear nice suits.

I would think in the future a physical location isn't necessary for a bank, the operations would be cheaper, and the fees lower.

Like blockbuster versus redbox. Blockbuster just couldn't compete.

[Caladonian]

Bitcoin never could beat and destroy bank system, many investor always use bank for deposit and withdrawal their money in bitcoin, keep hold and save your bitcoin and always connected bank and bitcoin account.

right, moreover the government's role in banks is very large, of course the government will prefer currency that can be controlled, on the grounds that a country's economic stability can be maintained

Good point, the government will continue supporting banks as they can control and facilitate the transactions, it simple as that, the government bodies will used banking system still and will stay that way, space for crypto might grow but not enough to beat the old system.

Adoptions will be there and potential are wide for Bitcoin, but reality needs to be accepted, that as long as government still patronizing the old financial system Bitcoin will be far from beating banking industry.

[toast]

if in my opinion, at any time, bitcoin cannot defeat the bank because the bank is very strong and there are still many people in the world using the services of the bank. but if to compete with bitcoin banks indeed

[stompix]

Sure, but you mentioned something very important there, which is centralization. The Banks and some of these services are very centralized, so it is prone to centralization flaws like "abuse of power" and/or "exploitation of power" .... So, they might start this service with zero or low fees to hook people and then suddenly start to charge higher fees, once they hooked these new customers or even not allowing people to send money to specific countries.  

Bitcoin has no such problems, because the basic protocol has not changed, since it was released in 2009.    We are still moving millions of dollars and even a few dollars at a fraction of a cent, to anyone in the world.  

The painful reality is that people don't give a damn about decentralization and care more about money and time
I can send any payment to my relatives all over the country in a matter of seconds and with zero atm withdraw fees. Can I do the same with bitcoin?
Two weeks ago I was stuck at the computer for one half hour cause coingate decided to have 6 confirmations when you pay via their system....

And moving money internationally...let's be honest, how many of us do send international payments?
Are you going to buy something from an unknown seller in China via BTC and forfeit the safety of refunding via a cc?
And even if we say BTC is better for payments..
How are going to replace the lending done via banks with bitcoin?

A currency can't replace a business, we should really stop with this BTC vs banks/paypal/visa and so on.

[creeps]

Bitcoin never could beat and destroy bank system, many investor always use bank for deposit and withdrawal their money in bitcoin, keep hold and save your bitcoin and always connected bank and bitcoin account.

I support bitcoin much and i know its real potential but we have to accept the fact that bitcoin will never beat the bank, maybe bitcoin has a better system but still investors will use banks because they needed it. There will be great combination of bitcoin and banks, the future is good for both market you just have to use banks and bitcoin properly. Banks will defeat their own competitor but they will never be defeated by cryptocurrency.

[mersal]

I hear it all the time. Bitcoin/crypto is alternative to fiat. And almost every token philosophy is based on this premise.

The question: can cryptocurrency beat legacy financial institutions to the point of replacing them?

... Thought as much... The much lauded JPMCoin was all noise and no substance. But can an accident happen to make legacy institutions catch up to the decentralized world?

it will be in the middle of the position there is no connection between Bitcoin and the normal currency so if Bitcoin was also developed it will not affect the development of banks but the value of Bitcoin is definitely more higher than any normal currency that's why it can be possible to beat anything in the future.

[Mometaskers]

Not quite yet. Remember banks are more than just places for storing money, they give out loans to individuals and the government. Sure someone can always make a bank that uses only bitcoins but since people can store their bitcoins in their wallets anyway, there's less incentive in letting others handle one's bitcoin unless the interest is high enough.

That is why and it seems unlikely that cryptocurrency can replace old financial institutions, banks continue to innovate and banks continue to keep abreast of developments in the era that make them continue to be strong. Nothing can replace the currency in every country because it is part of the history of the country itself. Cryptocurrency does have advantages in this digital era, but replacing old financial institutions is not enough to only have high value.

Do you think there's a way for bitcoin to compete with some bank services? I use a credit card but I know the only reason the bank has anything to "lend" me was because someone stored his/her money for safe-keeping for close to no interest.

[Daboy_Lyle]

Government needs a bank not a the use of digital currencies but maybe 10 years from now it will be happening through the influence of technology. The banks has a lot of uses like us here on our country we use banks to withdraw or cash out our bitcoin. Bitcoin or the digital currency will beat banks after many user on every community accepts it and also the help of technology.

[jakelyson]

I hear it all the time. Bitcoin/crypto is alternative to fiat. And almost every token philosophy is based on this premise.

The question: can cryptocurrency beat legacy financial institutions to the point of replacing them?

... Thought as much... The much lauded JPMCoin was all noise and no substance. But can an accident happen to make legacy institutions catch up to the decentralized world?

As you said OP, cryptocurrency is an alternative, not a replacement. It is hard to beat something that is backed by the government. They would definitely not let go of the control.

[Bdstar]

Bank is open for only If you are adult or minimum a studen who will abide by all the laws and system of Bank.OTOH, Bitcoin is open for all, untraceable, doesn’t believe in legal or illegal.I think bank is known by everyone but bitcoin Isn't.There are many reasons for this but bank is legal in every country where bitcoin is banned in some.I Don't think bitcoin will be able to beat bitcoin nowhere.           

[wuvdoll]

I think the question should be can bitcoin affect the banks? I mean in the end the play here is not to destroy banks but to show them what we really need and what we can really do with blockchain technology. If they could use the same system that bitcoin uses we could surpass many of the problems we have with our current banking system.

Just recently our country changed laws in a way that it would affect the working class but help the companies (mainly banks because it helps super rich companies and not small business and lets be honest most super rich companies are banks) which would mean what helps the banks also destroys the people which is in a way considering how laws and politicians works the banks can't sustain this forever and blockchain will eventually stop them and change the way they work.

[Reid]

Be wise.
Why do you think one of the biggest company in financial industry is making a coin which is based on the blockchain where bitcoin birth is?

Simple. They know they will be left there using a technology which will just slow them down. They need faster technology and they saw bitcoin is doing that. It is one of its best feature. The fast and reliable transaction where privacy is still intact.

They want that. They need that.
Fiat will stay of course. Rural places needs it for trades to happen.
It will be a slow change for the financial industry but it will happen. Bitcoin will still be used as number one currency. Specially now where online merchants are getting larger.